IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH, BENGALURU

(Exercising powers of Adjudicating Authority under

The Insolvency and Bankruptcy Code, 2016)

(Through Web-Based Video Conferencing)

IA No.111of 2021 in

C.P. (IB) No. 154/BB/2017

(Application under section 42 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the National Company Law Tribunal Rules, 2016)

In the matter of:

Karnataka Power Transmission

Corporation Limited,

A Company incorporated under the

provisions of the Companies Act, 1956

Kaveri Bhavan, Bengaluru – 560009

…Applicant

Versus

Shri Ravindra Beleyur

Liquidator of Deepak Cables (India) Limited,

Having office at Shreevathsa”

428, 19B Cross, 3rdBlock,

Jayanagar, Bengaluru – 560011.

…Respondent/ Liquidator

Order Delivered on: 26/03/2025

Coram: 1. Hon’ble Shri K. Biswal, Member (Judicial)

2. Hon’ble Shri Ravichandran Ramasamy, Member (Technical),

Parties/Counsels Present:

For the Applicant: Shri Sai Pranav

For the Respondent: Shri T. Ravichandran

ORDER .

1. This Application has been filed by the Central Karnataka Power

Transmission Corporation Limited, (hereinafter called as Applicant) on 31.03.2021 under section 42 of the Insolvency and Bankruptcy Code r/w Rule 11 of the National Company Law Tribunal Rules, 2016, challenging the rejection of the claim filed by Applicant against the Respondent and

inter-alia, praying to this Hon’ble Tribunal for following reliefs:-

(i) Set aside the order dated 09.03.2021 bearing No. IP/DCO01/2020-

21/91;

(ii) Allow the claims of the Applicant amounting to Rs.2,67,69,96,000

(Rupees Two Hundred and Sixty Seven Crores Sixty Nine Lakhs Ninety

Six Thousand only).

(iii) Grant cost of present proceedings

(iv) . Grant any other relief this Hon'ble Tribunal may deem fit.

2. Brief facts of the instant Application which are relevant to the issue in question are as follows:

(a) This Tribunal, vide, its order, dated 04.07.2019 in I.A.208/BB/2022 passed an order for the liquidation of the Deepak Cables (India) Limited (“Corporate Debtor”) under Section 33(1) of the Code and appointed the Mr. Ravindra Beleyur with IBBI Registration no. IBBII/IPA-001/IP-P00189/2017-18/10368 as the Liquidator of the Corporate Debtor.

(b) Pursuant to the said order dated 04.07.2019 admitting the Corporate Debtor into liquidation and appointing Mr. Ravindra Beleyur as the liquidator of the Corporate Debtor (“Liquidator”); The Liquidator made a public announcement for inviting claims against the Corporate Debtor on 12.07.2019 by providing the last date for submission of claims as 03.08.2019.

(c) Pursuant to the Public Announcement dated 04.07.2019 the Applicant submitted its claim for a sum of Rs.179.78 Crores vide its letter dated 07.08.2019 before the Respondent wherein there was a delay of four days Copy of the same is marked as Annexure R5 to the Reply filed by the Respondent.

(d) However, since there was a delay in submission of the claim by the Applicant, the same was rejected by the Respondent which resulted in the Applicant herein approaching this Hon’ble Tribunal seeking condonation of delay in filing the claim petition. This Hon’ble Tribunal condoned the delay and permitted the Applicant to lodge its claim vide order dated 23.10.2019 in I.A No.424 of 2019.

(e) Pursuant to the order dated 23.10.2019 in I.A No.424 of 2019.of this Hon'ble Tribunal, the Applicant filed the proof of claim in Form- C vide letter dated 20.01.2020 as per Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Applicant claimed a sum of Rs.282,92,81,000/- (Rupees Two Hundred and Eighty Two Crores Ninety Two Lakhs and Eighty One Thousand only) was due and payable by the Corporate Debtor after setting off the amount payable by the Applicant to the Corporate Debtor. Copy of the proof of claim filed before the Liquidator along with documents supporting the claim such as General Conditions of Contract and Special Conditions of contract is produced at page No. 125 to 185 of the Petition. It is further submitted t